Millennials still depend on cars, study shows

77 per cent of respondents say car ownership is a necessity for independence

Millennials still depend on cars, study shows
Image: Bigstock.

Millennials have shown that they still depend on the motor vehicle, despite the common misconception that they’re turning their back on private vehicle ownership, according to the Millennials and Auto Trends Report published this month.

Market uncertainty, anti-diesel legislation, low emission zones and the popularity of ride-hailing apps such as Uber paint a gloomy picture for the new car industry.

But the survey of 2,150 millennials (aged 23 to 28) from across the world presents a brighter outlook.

In Europe, 79 per cent of millennials already own a vehicle, while half of respondents who do not own a car expect to buy one within the next five years.

Despite the common perception of millennials as an environmentally conscious generation, petrol and diesel are the engines of choice for 53 per cent.

Paul Teuten, managing director at Duff & Phelps, the company behind the survey, said: “Our Millennials and Auto Trends Report challenges conventional wisdom that millennials prefer alternatives to car ownership and provides encouraging evidence that millennials will drive the automotive industry forward.

“The European findings, in particular with over 80 percent of millennials never or rarely using ride-hailing and car-sharing services, underscores this and casts doubt on the presumed notion that ride-hailing services are increasingly used by this population.

“The automotive industry should take note and adapt to this by continuing to make the right technological investments to satisfy millennial preferences.”

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